While acknowledging the fundamental strengths of the U.S.
economy, he told attendees that the markets are about to reach a
disastrous moment. "I think we are single-digit years away
from the most profound market clearing moment," he said, "A 1932
or a 1982, where you don't need smart guys or girls, you just
need to be there."

Hendry elaborated on how this might happen:

To create the market clearing process that I fear is within
reach I would tantalize or fear [sic] you with the nation that
that we could see a hard landing in Asia, coinciding and indeed
being encouraged by the problems in Europe. And if you get those
two events colliding, and given the lack of protection in such a
scenario in Asia, then you would have another profound
dislocation, and that's the point where you reach the bottom, and
you don't need wise guys, you just need courage.